Hamilton’s entrepreneurial community is thriving, but traditional banks still make it hard for self-employed borrowers to qualify. The good news: a mortgage broker can help you get approved using business income, not just T4s.
Why Self-Employed Mortgages Are Different
Most business owners legitimately write off expenses to reduce tax burden, but this lowers declared income on paper. Banks see that as risk. Alternative lenders take a broader view by examining bank deposits, contracts, and overall business health.
How Mortgage Brokers Help Hamilton Entrepreneurs
- Present 12-month business bank statements as income proof.
- Work with alternative and private lenders who understand entrepreneurs.
- Offer custom payment plans to match seasonal income.
- Secure fast approvals within days.
Hamilton Success Story
Omar, a self-employed electrician from Hamilton, was denied twice by his bank. Burke Financial reviewed his 12-month statements and secured a $550,000 mortgage within a week, helping him buy his first home.
How to Prepare for a Self-Employed Mortgage
- Keep business and personal accounts separate.
- Gather income proof (invoices, statements).
- Maintain good credit history.
- Consult a broker before tax filing to strategize income presentation.
Mistakes to Avoid
- Waiting until after tax season to apply.
- Failing to document consistent income.
- Applying at banks that only evaluate T4 income.
Final Tip:
If you’re self-employed in Hamilton, you deserve a mortgage solution that values your success, not punishes your independence.
Self-employed in Hamilton? Let’s find your best mortgage options today.
📞 1-866-702-9394
🌐 www.burkefinancial.ca
